Economics Supply and Demand

Front

The desire to have a good or service and have the ability to pay for it is called...

Back

Demand

Front

"When prices fall, demand increases" This is known as...

Back

The Law of Demand

Front

The only real difference between an individual schedule and a market schedule is...

Back

Quantity

Front

A demand curve slopes downward because of....

Back

Law of Diminishing Marginal Utility

Front

The term used for a change in the amount of a product that a consumer will buy because the purchasing power of his or her income changes

Back

Income Effect

Front

The pattern of behavior that occurs when consumers react to a change in price of a good or service by buying a substitute product

Back

Substitute Effect

Front

When the use of one product increases the use of another product, then the two products are called...

Back

Complements

Front

Demand is ________ when a change in price leads to a large change in quantity demanded

Back

Elastic

Front

Demand is __________ when a change in price leads to a small (or no) change in quantity demanded

Back

Inelastic

Front

The willingness and ability of producers to offer goods and services for sale is....

Back

Supply